There are people who look forward to retirement and there are those who dread it. The idea of stopping work and living a life of leisure may seem appealing when you’re years away from it, but there are people who know right off the bat that retirement’s not going to agree with them. There are just too many notions out there about ceasing work bringing on an early death as well as sentiments about retirement confirming old age.
Everybody confronts maturing and retirement planning differently, but, in any case, many baby boomers these days are opting to retire late for a variety of reasons. What are some of the most common ones?
Reason #1 – They want more time to build up their nest egg.
They’re considering the state of many current and past retirees. They realize that a lot of them figured out too late that they hadn’t been able to save enough for their retirement. Workers 50 years old and above can add another $6,000 in a 401(k) and another thousand in an IRA per year. It just seems to be the safe and sensible choice to keep on working in order to have bigger savings for retirement.
Reason #2 – They want fewer years in retirement.
Reasonably healthy retirees can see themselves living another 20 or 30 years. That’s just too long a time to be depending on retirement savings. By retiring late, they get too boost their retirement fund as well as spend fewer years living off it.
Reason #3 – They want more Social Security benefits.
Delaying Social Security has a positive impact on a retiree’s monthly check. Retiring later can definitely increase those Social Security benefits. For instance, if they retire at 70 instead of at 66, their Social Security checks will be 32 percent higher. Those extra dollars can mean a world of difference for their comfort and lifestyle in retirement.
Reason 4 – They want to maintain the daily social interaction that working provides.
For many people, life is divided between work and home. They meet their needs for socialization at work in the course of performing their job, and then they go home to rest and indulge in personal or family time. In many cases, continuing work is not only about keeping active, but maintaining a social life as well.
About The Author – John Cothrine
Over the past 4 years, I have hosted over 200 retirement workshops through the Midwest. Though these may not be the only reasons, according to the over 6,000 retirees we have met, these are definitely some of the main reasons why so many boomers are choosing to delay their retirement.
If you have concerns about your retirement and would like a complimentary Retirement or Social Security Analysis feel free to contact my office at 1 (800) 894-9498 or visit our website www.cothrinefinancial.com to schedule an appointment. This is a no obligation meeting.
There will be no sales pitch. We will provide you with an objective financial analysis and a $50 gift card to your favorite St Louis area restaurant as a thank you gift for your dedicated service as part of the greatest generation in history.